Segment Information

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company currently conducts business principally in six reporting segments, as well as a Corporate category. The Company’s reporting segments, as well as the Corporate category, are as follows:

Property & Casualty Commercial

Property & Casualty Commercial provides workers’ compensation, property, automobile, marine, livestock, liability and umbrella coverages primarily throughout the U.S., along with a variety of customized insurance products and risk management services including professional liability, fidelity, surety, and specialty casualty coverages.

Consumer Markets

Consumer Markets provides standard automobile, homeowners and personal umbrella coverages to individuals across the U.S., including a special program designed exclusively for members of AARP. Consumer Markets previously operated a member contact center for health insurance products offered through the AARP Health program ("Catalyst 360"). For further information regarding the sale of Catalyst 360 in 2013, see Note 2 -Business Dispositions of Notes to Condensed Consolidated Financial Statements.

Property & Casualty Other Operations

Property & Casualty Other Operations includes certain property and casualty operations, managed by the Company, that have discontinued writing new business and substantially all of the Company’s asbestos and environmental exposures.

Group Benefits

Group Benefits provides employers, associations, affinity groups and financial institutions with group life, accident and disability coverage, along with other products and services, including voluntary benefits, and group retiree health.

Mutual Funds

Mutual Funds offers mutual funds for retail and retirement accounts and provides investment-management and administrative services such as product design, implementation and oversight. This business also includes the runoff of the mutual funds supporting the Company's variable annuity products.

Talcott Resolution

Talcott Resolution is comprised of runoff business from the Company's U.S. annuity, international (primarily in Japan) annuity, and institutional and private-placement life insurance businesses, as well as the Retirement Plans and Individual Life businesses that were sold in January 2013 and the Company's discontinued U.K. variable annuity business. For further information regarding the sale of these businesses, see Note 2 - Business Dispositions and Note 14 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements.

Corporate

The Company includes in the Corporate category the Company’s debt financing and related interest expense, as well as other capital raising activities; and certain purchase accounting adjustments and other charges not allocated to the segments.

Financial Measures and Other Segment Information

Certain transactions between segments occur during the year that primarily relate to tax settlements, insurance coverage, expense reimbursements, services provided, security transfers and capital contributions. Also, one segment may purchase group annuity contracts from another to fund pension costs and annuities to settle casualty claims. In addition, certain inter-segment transactions occur that relate to interest income on allocated surplus. Consolidated net investment income is unaffected by such transactions.

The following table presents net income (loss) for each reporting segment, as well as the Corporate category.

	Three Months Ended March 31,
Net income (loss)	2014			2013
Property & Casualty Commercial	$	242		$	253
Consumer Markets	99			77
Property & Casualty Other Operations	22			21
Group Benefits	51			42
Mutual Funds	21			18
Talcott Resolution	145			(294		)
Corporate	(85		)	(358		)
Net income (loss)	$	495		$	(241	)

The following table presents revenues by product line for each reporting segment, as well as the Corporate category.

	Three Months Ended March 31,
Revenues	2014			2013
Earned premiums and fee income
Property & Casualty Commercial
Workers’ compensation	$	732		$	733
Property	136			125
Automobile	144			144
Package business	283			281
Liability	145			138
Fidelity and surety	51			49
Professional liability	50			59
Total Property & Casualty Commercial	1,541			1,529
Consumer Markets
Automobile	636			619
Homeowners	292			277
Total Consumer Markets [1]	928			896
Group Benefits
Group disability	369			359
Group life	388			426
Other	42			41
Total Group Benefits	799			826
Mutual Funds
Retail and Retirement	138			124
Annuity	36			36
Total Mutual Funds	174			160
Talcott Resolution	477			518
Corporate	3			3
Total earned premiums and fee income	3,922			3,932
Net investment income (loss):
Securities available-for-sale and other	836			856
Equity securities, trading	(236		)	2,562
Total net investment income	600			3,418
Net realized capital gains (losses)	(86		)	1,606
Other revenues	25			68
Total revenues	$	4,461		$	9,024

[1] For the three months ended March 31, 2014 and 2013, AARP members accounted for earned premiums of $736 and $697, respectively.